1 Health funds have promotions too
The most common promotion is waivers on waiting periods for particular procedures or bonuses. If you are looking to increase your cover for a particular service, it’s worth talking to a broker or insurance comparison company who have oversight of many funds. They’ll be able to tell you if there’s a fund with a special offer that suits your needs.
E.g. From time to time some funds will even waiver major dental waiting periods
2 No need to re-serve waiting periods when you switch funds
If you’re not getting the returns you want, it is worth checking out other funds. Legislation now gives health fund members the right to switch funds on the same level of cover - without having to serve new waiting periods in most cases – even if there’s a pre-existing illness or condition.
3 Mix ‘n' match
Most people don’t realise they don't have to buy hospital and extras cover from the same health fund. Separating the 2 policies gives a much broader range of options and often more appropriate cover, better rebates and premium savings.
Purchasing only 'extras cover' might be ideal if you are happy with the level of cover provided through Medicare, but would like the benefit of reducing out-of-pocket expenses for treatment not covered by the public healthcare system.
If you are considering this approach - because of the sheer number of options, using a broker or an insurance comparison company is a must.
4 Are you eligible for a restricted membership fund?
There are a group of lesser known funds that only accept customers from particular unions, professional associations or employment groups. Examples include Doctors’ Health Fund, Defence Health Limited, Navy Health Ltd, Phoenix Health Fund Limited, Railway and Transport Health Fund Limited, Reserve Bank Health Society Ltd, Teachers Health Pty Limited and Police Health.
If your eligible are definitely worth checking out. These funds often provide very good value.
5 Going Overseas - you may be able to suspending your cover and save
Health insurance policies do not pay benefits for services incurred or good recieved while overseas, so consider separate travel insurance before jetting off.
If you are going overseas your health fund rules may allow you to suspend your health insurance policy - check with your fund. This normally means you won’t have to serve the normal waiting periods when you recommence your health insurance after returning to Australia. Some funds will impose waiting periods for certain treatments and conditions when you return. Check the rules about this with your health fund before you go.
You'll need to organise this with your fund before you go overseas and remember to check it's re-activated on your return.
bcdental have 2 great contacts at iselect; Nicole 03 9452 9671 and Rachelle 03 9452 9635. They help keep us informed and will be happy to assist with any enquiries, otherwise you can always ask the friendly staff at bcdental 9589 2675.
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